Hi all,
When my mother died in 2014, my aunt became the executor of the estate and decided to sell the family camp. It was built by their father in the 50's. He died of a heart attack while assembling the garage. At the time she was selling it off I didn't put up a fight because we were planning to move out of state. We did move and then moved back in 2017. Now that we are here raising 2 boys, I'd like to get the camp back.
The new owners paid $60k for it. I estimate that they would want $90k to sell it in the next 5 years or so, even if they are willing. OK, so $90k isn't that much dough. I'd like to finance it. Our home is paid for and is worth $500k. Our retirement investments are worth $400k. We have about $40k cash right now. The accounts are mostly in SDY and VTSAX. My wife would just prefer to pull the money to purchase from the investment accounts.
I imagine that in a few years mortgage rates will be over 5%, which definitely affects this decision. What do you all think?